In March 2007, Cylex raised $20.5m in its series C round from Siemens Venture Capital, the corporate venturing unit of the eponymous Germany-based industrial conglomerate, and co-leaders Channel Medical Partners and Canaan Partners, which are both venture capital firms.

FVCG was started in 2006 with an initial $5m from the foundation to invest up to $500,000 each in 10 commercially viable new biotechnology companies.

Novian is looking to raise a further $2.5m in its A round.

St Joseph Health, a $5bn health system, became the first founding member of the Innovation Institute, which has also set up a strategic alliance with Cleveland Clinic.

Clearside raised $7.9m from Santen, venture capital firms Mountain Group Capital and Hatteras Venture Partners, Georgia Research Alliance Fund and Kenan Flagler Business School Private Equity Fund.

Ascension Health Ventures joins as a new investor